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Based on the experience of FDR's team in the 1930s, we need to understand that not everything the president-elect does is going to work. Right now, all he can offer is the promise of improvement in the
economy and his proposed nominees are reassuring, but even after he is sworn in, he will need to be open to improvising. If these waters are not exactly uncharted, no financial panic precisely resembles the one
that preceded it. the stock market crash of '29 was about the excessive use of margin accounts; this is is about derivatives. We have to realistic and understand that not every remedy will work--at least not immediately. Difficult as it is, we may need to learn to defer gratification or salvation.

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